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Just Keep My Money! Supporting Tax-Time Savings with US Savings Bonds

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  • Peter Tufano
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    Abstract

    This paper reports the results of a 2007 experiment testing whether specific process simplification can foster increased take-up rates for savings products, particularly by low-to-moderate income (LMI) households. Tax refund recipients at certain H&R Block tax preparation offices were given the option to purchase US Savings Bonds with their tax refunds, augmenting the tax-site savings options offered by H&R Block. Those who received the savings bond offer were substantially more likely to purchase a savings product on-site than those who didn't, even after controlling for client demographics. Much of this take-up was directed at intra-family gifting, or asset building on behalf of children. (JEL D14, H24)

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    Bibliographic Info

    Article provided by American Economic Association in its journal American Economic Journal: Economic Policy.

    Volume (Year): 3 (2011)
    Issue (Month): 4 (November)
    Pages: 172-200

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    Handle: RePEc:aea:aejpol:v:3:y:2011:i:4:p:172-200

    Note: DOI: 10.1257/pol.3.4.172
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